Ramaphosa 'favourably disposed' to COSATU proposal on Eskom debt

President Cyril Ramaphosa is "favorably disposed" to a proposal by South Africa's largest trade union federation on lowering the debt of struggling state power utility Eskom, spokeswoman Khusela Diko told Reuters. Union group COSATU proposed this week that state-owned asset manager the Public Investment Corporation (PIC) and local development finance institutions help lower Eskom's debt by around 250 billion rands ($16.97 billion).

Ramaphosa thinks that any steps were taken on Eskom's debt "should not undermine the investment mandates of the PIC or other affected institutions," Diko added.